Anyone recently Apply for a Home Mortgage?

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Russ H

Russ H

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If so, what kind of charges are being applied (closing costs) by the lender. I am applying through Wells Fargo and so far they will not provide an estimate of settlement charges. This makes me wonder. I'm concerned about getting blindsided after being deep into the game.

Anyone who recently went through this process , please pass on any information/advice or comments, good, bad or ugly.

Thank you,

Russ
 
I haven't borrowed any real estate money in a long time but when I did I found my local bank was able to get me the best bottom line deal. We are in an abstract state, all I have ever paid is to have the attorney opinion, survey (if needed), wrap up fee for the abstract after the loan was recorded ($25.00) and loan documentation fees of under $150.00 maximum. The payment was always less for the same mortgage length because I wasn't paying interest on fees.
 
an FYI as of july of last year any new loans/ new refinaces will be paying PMI for the life of the loan, not the 20% or whatever it was before... and it doubled around the same time lol
 
Oklacarcollecto said:
I haven't borrowed any real estate money in a long time but when I did I found my local bank was able to get me the best bottom line deal. We are in an abstract state, all I have ever paid is to have the attorney opinion, survey (if needed), wrap up fee for the abstract after the loan was recorded ($25.00) and loan documentation fees of under $150.00 maximum. The payment was always less for the same mortgage length because I wasn't paying interest on fees.
Click to expand...

Thanks for the response, We are relocating out of state so our local bank is not an option.

Russ
 
It depends on wether you are purchasing a new home, or refinancing your current home. And Don't give any money to Wells until an estimate of closing costs is provided before hand. The Gov't doesn't allow a lender to provide one to you for a specific property, directly, as they think the realtor should do it. But, they do have to provide a complete list of all charges, just not one for a particular property. You can thank the Dodd-Frank Bill for that one. Conventional has different fees than FHA,or VA. A cash out refi is also limited to 90% of value. So more Information here would be helpful. I have sold real Estate since 1993, and have stayed up to speed regarding all the different forms of Financing,With over 700 transactions since 1993. Feel free to post here,or PM me.
 
805moparkid said:
an FYI as of july of last year any new loans/ new refinaces will be paying PMI for the life of the loan, not the 20% or whatever it was before... and it doubled around the same time lol
Click to expand...

Thank you for responding. PMI as I understand, applies if your down payment is less than 20% of the purchase price. We are trading equity from the sale of one home to another and the down payment is about 70% of the new homes price. With this amount down, I don't think PMI insurance applies.

Russ
 
oldmopardude said:
It depends on wether you are purchasing a new home, or refinancing your current home. And Don't give any money to Wells until an estimate of closing costs is provided before hand. The Gov't doesn't allow a lender to provide one to you for a specific property, directly, as they think the realtor should do it. But, they do have to provide a complete list of all charges, just not one for a particular property. You can thank the Dodd-Frank Bill for that one. Conventional has different fees than FHA,or VA. A cash out refi is also limited to 90% of value. So more Information here would be helpful. I have sold real Estate since 1993, and have stayed up to speed regarding all the different forms of Financing,With over 700 transactions since 1993. Feel free to post here,or PM me.
Click to expand...

Thank you, PM Sent.
 
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